Knitting Mill Apartments is the conversion of a vacant historic knitting mill into 100 units of senior housing located at 69 Alden Street in the City of Fall River, MA.
This adaptive reuse project was funded through the MA Department of Housing and Community Development’s (DHCD) 9% Low Income Housing Tax Credits Program, Massachusetts (MA) Low Income Housing Tax Credits, MA HOME Funds, Housing Stabilization Funds (HSF), Housing Innovation funds (HIF), Affordable Housing Trust Funds AHTF Funds and City of Fall River HOME Funds as well as Federal and State Historic Tax Credits.
The affordability of the project was enhanced by DHCD awarding 8 units of MA Rental Voucher Program units and 8 units of Section 8.
The construction budget for the construction of the units was approximately $24 million and included the construction of a new senior center to be leased to the Fall River Council on Aging and a medical education center to be leased to Health First Family Care Centers
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This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Knitting Mill Apartments is managed by CRM Rental Management, Inc..